Parity Technologies Proposes Hard Fork To Release Ethereum Funds

Parity Technologies, which had encountered a multi-signature wallet bug in the recent past that froze hundreds of dollars’ worth of Ethereum. The company suggested in a recent blog, the course of action to be taken to rescue the locked ether funds. Since its launch in the digital market, the users of ethereum have experienced some challenges with a command in line interface and some erroneous bugs.

For instance, a few weeks ago, a bug was discovered in a JavaScript utility library which was written by the Ethereum Foundation and was used by different participants to generate various wallets for clients. Such mishaps affected at least one in 128 accounts that were found by some teams and rendered useless. Also, some thousands of ethers got stuck.

Parity Technologies claim that the smart contract from ethereum containing the specific code for the wallet’s activity was accidentally deleted and all the clients who had ether tokens in Parity were unable to retrieve them. At the moment, the frozen funds cannot be recovered unless there is a change in the blockchain state, modification of consensus rules or code upgrades.

For quite some time, there have been some small issues with ethereum such as a typo error of the address which sends up the client to the wrong address but the persistence of such errors cannot be proven to be non-recoverable. The process of unlocking the frozen funds would only be possible with the use of a hard fork.

But with the continuous evolution of problems such as client usability issues, codebase maintenance, an unanticipated appearance of a competitor network have added to the current challenges facing the cryptocurrency industry.

Though ethereum remains adamant and continues to transform the world, millions of dollars are being lost to many groups and much cannot be retrieved since the system can’t prove its status as lost or that the sender lacked clarity.